Hungarian oil and gas company MOL will build a USD 13 million bitumen plant in Tatarstan with a local partner, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday, after a meeting with Tatarstanʼs Deputy Prime Minister Albert Karimov in Budapest, according to a report by state news wire MTI.
Preparations for the investment are underway and MOL is in talks with the government on how much state grant money will support the project, Szijjártó said.
MOL is partnering with Tatarstanʼs Tatneft on the project.
Szijjártó noted that bilateral trade between Hungary and Tatarstan exceeded USD 500 mln last year. Hungary is the only European Union member state with a diplomatic mission in the republic, he added.
Karimov noted that bilateral trade between the two countries rose 15% last year.
He welcomed the "even closer ties" between MOL and Tatneft.
Karimov said the talks with Szijjártó had touched on potential opportunities in the car and machinery manufacturing industries, on the production of gas-powered vehicles and on Hungarian companies who seek to invest in the region.